Mercer | According to the latest insights published by Metal, many companies may have to resort to layoffs in 2023 to improve financial performance. Despite this trend, most medium-sized companies held their ground and implemented minimal cuts in hiring, with 81% of companies reporting zero layoffs.
Most of the companies making layoffs were from the IT services, computer software and financial services sectors and they will remain cautious in the future also.
Also read: Impact of AI on jobs: Nearly 40% of global employment could be disrupted by AI, says IMF
Based on survey data from 1500+ HR leaders across over 20 industries across India, Mercer | The Metal report forecasts the trends that will reshape recruitment strategies, providing organizations with the foresight to proactively adapt to the upcoming changes.
Key findings of the report;
The report said 22% of Indian companies made layoffs last year, while the global average is 32%.
However, 77% of HR leaders believe that re-hiring top talent is an effective way to gain organizational knowledge.
The growth of remote and flexible work models and the rise of gig economies remain key trends among India’s recruiters, with 74% of HRs saying they continue to hire freelancers and 58% hiring remote workers in the last year. Information has been given to keep.
AI impact
HR leaders also predict that proficiency in generative AI will be the most in-demand skill in 2024. AI and automation will continue to impact job roles across industries.
Content writer and customer service job profiles are most at risk of becoming obsolete, with 51% and 46% of HRs respectively believing that these jobs are likely to be replaced by AI.
The demand for AI-focused job roles like machine learning engineers and AI product engineers is expected to increase.
Siddharth Gupta, CEO, Mercer | Metall said, “As we live through an era where skills are becoming redundant at an unprecedented pace, empowering the workforce is critical. Now more than ever, companies need to adopt inclusivity as a mindset to better understand their workforce and plan effectively for the future.
2024 outlook
Moving into 2024, organizations are projected to focus more on skills. Inclusive hiring will be the top diversity, equity and inclusion (DEI) priority, with 68% of companies prioritizing equal opportunities for all genders as they plan talent acquisition strategies for the coming years.
The report highlights that the future of work is taking shape as we speak. Forward-thinking organizations are leading the way by creating a work design that defines how people interact with AI and leverage it to their advantage.
Organizations will meet the needs of the workforce by ensuring work-life balance, providing them regular promotion and upskilling opportunities, and facilitating financial incentives. This year will set the trend for how Workforce 2.0 develops better skills and an open mindset to adopt AI, making 2024 a pivotal year that defines the future of work for good.
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